Businesswoman on Trial in Da Nang Accused of Defrauding Investors of Over 54 Billion VND

The People's Court of Da Nang is currently hearing the case of Huynh Thi Thanh Hien, a 49-year-old businesswoman accused of large-scale fraud. Hien allegedly deceived investor Nguyen Thi Thuong, promising returns on three real estate projects but ultimately absconding with over 54.3 billion VND (approximately $2.1 million USD).

According to the indictment, Hien established or utilized several companies to manage her real estate ventures, including projects like Aparment Dao Xanh, The One Tower, and Summit Hoai Thanh. She presented these as legitimate investment opportunities to Thuong, who contributed substantial capital across various projects. However, investigations have uncovered a disturbing pattern of deception.

Instead of developing the promised projects, Hien reportedly used the land plots as collateral for bank loans, totaling 30 billion VND for one plot alone, and subsequently transferred ownership to clear debts. Other plots were either sold off or Hien simply defaulted on initial deposit agreements, allowing the land to be sold to third parties. Crucially, authorities confirmed that no investment or development permits were ever issued for the land parcels in question, revealing the entire premise of the investment scheme to be fraudulent from the outset. This case, as reported by Tuổi Trẻ, highlights the critical need for due diligence and regulatory oversight in Vietnam's burgeoning real estate market.